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'No doubt that is going to dampen interest in electric vehicles in general,' Musk told the 'StartmeupHK' event.

Tesla is looking to recruit 1,600 software engineers to help develop 'Autopilot', its autonomous car IT system and aims to have a fully self-driving car by 2018.

The system has capabilities like the 'Summon' function so drivers can call the car from the garage to their side at will, like a pet.

The company is taking orders for its new Model X, released this year, which boasts some self-driving facilities and Back To the Future-style 'falcon-wing' doors.

'What we're aspiring to do is to make the cars so compelling that even with lower gas prices, it's still the car you want to buy,' said Musk.

He predicted all cars would be autonomous within the next 15 years - with steering wheels eventually just a distant memory as autopilot takes over.

Tesla X, on sale later this year.

'If you go long, long term my guess is there isn't (going to be) a steering wheel in most cars, it would be something that you're going to have to special order.'

Musk said new Tesla cars would have more affordable price tags - the Model Three sedan planned for 2017 will cost an estimated $35,000, half the cost of other Teslas.

Financiers are watching as the company aims to increase production tenfold to 500,000 cars a year by 2020, supported by Tesla's own battery plant under construction in Nevada which is crucial to cutting car prices.

Such promises have kept investors firmly behind the California company, even though it has continued to lose money while the big carmakers in Detroit rack up profits in the booming US auto market.

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Calculations are based on an interest rate of 10% per annum over a 3 year term with no deposit.
This budget tool is intended as a guide and starting point only and is not in any way a finance quotation. Please refer here for our site terms.

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